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Title
GBPJPY Potential for bullish rise to previous swing high
Type
Bullish Breakout
Preference
Looking at the H4 chart, my overall bias for GBPJPY is bullish with the current price being above the Ichimoku cloud. To add confluence to this bias, price is along an ascending trendline.
Looking for price to rise from the pivot to ride the bullish momentum towards the resistance where the overlap resistance is.
It’s also worth noting that there is an intermediate resistance here, where price might struggle to break though.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.